Open drew2323 opened 7 months ago
The provided Pine Script code is for a custom TradingView indicator named "Volume Dynamic Scale Bar." This indicator seems to be designed to provide a visual representation of trading volume dynamics in a customizable and interactive way. Let's break down its key components and functionalities:
Input Settings (Table Settings and Technical Settings):
Volume Calculation and Representation:
tFrm
) and calculates volume metrics. It differentiates between "up volume" (bullish) and "down volume" (bearish) based on the price change direction.Dynamic Scale Bar:
Flash Feature for Significant Volume:
vFlsh
) of the average volume. This is intended to alert the user to significant volume spikes which might indicate important market events or movements.Table Display:
Volume Format and Timeframe Display:
The script identifies whether a change in price was bullish or bearish by comparing the closing price of the current bar to the closing price of the previous bar within the chosen lower timeframe (tFrm
). If the current close is higher than the previous, the volume for that bar is classified as bullish (up volume); if lower, it’s classified as bearish (down volume). This is a common approach in volume analysis, where the direction of price movement relative to the previous period indicates buying or selling pressure.
This indicator appears to be a sophisticated tool for traders who want to analyze volume dynamics in real time with an emphasis on visual representation and interactive features. It's particularly useful for intraday and short-term traders who need to quickly assess market sentiment and react to changes in volume. However, like all indicators, it should be used in conjunction with other analysis methods for a comprehensive trading strategy.
Incorporate ideas from Volume Dynamic Scale Bar indicator from TV.
It just displays buying/selling pressure based on 1s bars (bullish bearish according to open/close) and number of trades. Also contains alert when unusual volume recorded (based on MA of volume).
Output of this indicator could be used as ML feature or in strategy conditions.